Hardy Oil strikes for third time

22nd Dec 2009 09:57

Hardy Oil and Gas has bounced off a nine-month low after announcing the third successive gas discovery in the exploration block KG-DWN-2003/1 (D3) of NELP-V in India. The potential commerciality of well KGV-D3-R1 is being assessed through more data gathering and analysis, it said.Hardy holds a 10% in the D3 license operated by Reliance. It's located in the Krishna Godavari basin on the East Coast of India and covers approximately 3,288km2.Besides the three discoveries already made, several other prospects have been mapped at different stratigraphic levels, said the group.'We are encouraged by the results of this well which will certainly further improve the prospectivity of the block,' added Hardy's chief operating officer Yogeshwar Sharma.